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Name of the student.
Name of the institution.
5th March 2018.
Five step research method
Its defined as a unique tool that is used in the business world in a bid to comprehend
the problem faced with and a way to solve the issue.(Bryman, & Bell, 2015).
Market research helps the company to align with the market needs and thus customers
wants and also comprehend their competition.
Market research is the perfect tool of understanding the future market needs and thus
trying to align with their provisions (Bryman, & Bell, 2015).
Market research helps the organization to understand the economic trends and try to
define ways of dealing with them
Illustration of the five step method
It can be said to the foundation of trying to understand the situation that is facing the
Before one starts the market research one has to decide which problem is currently
facing the organization (Bryman, & Bell, 2015).
It deals with establishing the objectives of conducting the market research so that it can
act as the guide.
The phase also include developing the research question that should be used in the
process of research.
In this case the problem is understanding the decline in the number of subscribers and
also for the repeat business within the organization (Bryman, & Bell, 2015).
The goals is to find ways of averting the current situation that the organization is facing
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